What Happened?

Shares of cable news and media network Fox (NASDAQ: FOXA) jumped 3% in the afternoon session after the company announced the integration of live prediction-market data from Kalshi across its news, business, and streaming platforms. 

According to market reports, this partnership was the primary driver for the stock's increase. The integration with Kalshi was set to span across FOX News, FOX Business, FOX Weather, and FOX One. This move aimed to boost on-screen engagement, create new opportunities for sponsored data placements, and make its programming stand out.

After the initial pop the shares cooled down to $61.92, up 2.8% from previous close.

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What Is The Market Telling Us

FOX’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 5 months ago when the stock gained 6.2% on the news that the company reported third-quarter 2025 results that significantly beat Wall Street's expectations. 

For the quarter, Fox posted total revenue of $3.74 billion, a 4.9% increase year on year, surpassing analyst estimates of $3.57 billion. The company's profitability was a standout, with adjusted earnings of $1.51 per share, which was 37.4% higher than the consensus forecast of $1.10. Adjusted EBITDA also substantially outperformed, coming in at $1.07 billion against an expected $843.3 million. The strong performance was supported by higher operating margins, which improved to 28.5% from 26.7% in the same quarter last year, reflecting greater operational efficiency.

FOX is down 16% since the beginning of the year, and at $61.92 per share, it is trading 18.6% below its 52-week high of $76.11 from January 2026. Despite the year-to-date decline, investors who bought $1,000 worth of FOX’s shares 5 years ago would now be looking at an investment worth $1,653.

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